Apartment buyers in New South Wales are set to gain a decade of insurance-backed protection against major building defects, after the NSW Parliament passed the Fair Trading and Building Legislation Amendment Bill 2026.&nbsp;

The Bill establishes decennial defect insurance, known in the market as Latent Defects Insurance (LDI), as an alternative to the existing two-year strata building bond. It cleared the Legislative Council with amendments on Tuesday evening (August 4, 2026), with the Legislative Assembly agreeing to those amendments shortly after.

Under the reform, eligible developers can satisfy their statutory bond obligation by taking out an approved decennial-style policy that gives owners 10 years of cover for major structural defects from completion, claimable directly, without first having to pursue developers or builders through costly legal action.&nbsp;

The change forms the final tranche of amendments arising from the 2021 statutory review of the Strata Schemes Management Act 2015 and related legislation.

Resilience Insurance, which originated the cover in Australia and has delivered it in NSW since 2022, welcomed the passage and credited the NSW Government for delivering it.

“This is protection apartment buyers have needed for a long time, and the credit for delivering it belongs to the NSW Government,”&nbsp;said Corey Nugent, CEO of Resilience Insurance.

“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into. Reform like this is what good, evidence-based regulation looks like.”

Resilience has delivered LDI in NSW since 2022, protecting thousands of apartments, giving the State, and now the country, real-world evidence of how decade-long, no-fault protection works in practice.

The reform also places NSW within a wider national shift.

NSW is the third jurisdiction to put decennial cover into law. The ACT legislated for it in 2024, with the scheme taking effect in late 2025, and Victoria passed its own framework on 17 June. Between them, the three cover the majority of Australia's apartment market.

The reform commences once the legislation is proclaimed, which is expected in the coming weeks. From that point, developers of Class 2 residential apartment buildings can meet their statutory obligation with an approved decennial policy in place of the bond.

Buyers who purchased into projects that took out the cover early are among the first in the country to take keys to apartments carrying decade-long structural protection.

“With the legislation passed, the focus now turns to making it work for buyers,”&nbsp;Nugent said.

“There are already thousands of apartments in NSW covered by this insurance, bought by developers who moved early. The question every buyer should be asking in a display suite is a simple one: does this building come with 10-year defect cover, and who stands behind it?&nbsp;

“We look forward to working with the Government and the Building Commission in coming weeks as the framework moves to implementation, and to sharing what we have learned over the past four years so the protection reaches owners as smoothly and quickly as possible.”

Other states are working through their own reform programs. Western Australia has indicated that decennial cover is within consideration a later stage of its reform sequence, and Queensland has been examining the settings as it looks at the development pipeline ahead of the 2032 Olympics.

Resilience Insurance acknowledges the NSW Government’s continued focus on strengthening consumer protection while supporting housing delivery across the State.

Fast Facts: What the reform means

<ul style="color:#222222; font-family:Arial, Helvetica, sans-serif; font-size:small; font-style:normal; font-variant-ligatures:normal; font-weight:400; text-align:start; white-space:normal; background-color:#ffffff; text-decoration-thickness:initial; text-decoration-style:initial; text-decoration-color:initial">
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Proven at scale:&nbsp;Decennial cover has operated in NSW since 2022, protecting thousand of apartments.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">10 years of cover:&nbsp;Protection for major structural defects runs for a decade from completion, claimable directly and with no legal action required.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">An alternative to the bond:&nbsp;Eligible developers can meet their statutory obligation with an approved decennial-style policy in place of the 2% strata building bond.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Part of a national shift:&nbsp;The ACT has had decennial provisions in force since 2025 and Victoria passed its framework in June. NSW now joins them.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">No-fault, first resort:&nbsp;Owners corporations claim directly from the insurer without first having to establish who is liable for the defect.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Cost-competitive:&nbsp;At approximately 1.8% of build cost, LDI is typically priced below the 2% bond while offering broader, longer protection.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Market position:&nbsp;Resilience originated LDI in Australia and has delivered it in NSW since 2022.</li>
</ul>

Fast Facts: What is Resilience LDI?

<ul style="color:#222222; font-family:Arial, Helvetica, sans-serif; font-size:small; font-style:normal; font-variant-ligatures:normal; font-weight:400; text-align:start; white-space:normal; background-color:#ffffff; text-decoration-thickness:initial; text-decoration-style:initial; text-decoration-color:initial">
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Resilience Latent Defects Insurance (LDI):&nbsp;Covers major structural defects for 10 years from completion.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Consumer-first:&nbsp;Direct claim access, no need for lengthy legal action.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Cost advantage:&nbsp;At approximately 1.8% of build cost, LDI is typically priced below the traditional 2% Strata Bond while offering broader protection.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Market leader:&nbsp;&nbsp;Resilience Insurance originated LDI in Australia and is the national market leader.</li>
</ul>

Joel Robinson

NSW parliament passes 10-year defect insurance laws for new apartment buyers

Builder-developer <a href="https://www.apartments.com.au/developers/mcnab-developments">McNab</a> has wasted little time reshaping one of South Brisbane's most significant undeveloped apartment sites after acquiring the property earlier this year.&nbsp;

McNab has lodged plans to scrap an existing approval for two 30-storey towers and instead deliver a single 28-storey residential building, preserving part of the site for a future development opportunity.

The proposal, lodged over <a href="https://www.apartments.com.au/new-apartments/64-peel-street-south-brisbane-qld-4101">64 Peel Street and 9 Cordelia Street</a>, is for a residential-led mixed-use development comprising 124 apartments above a landscaped podium, alongside a boundary realignment that preserves part of the land for a future residential project.

<img alt="First look: McNab resets decade-old South Brisbane approval with 124-apartment tower" data-entity-type="file" data-entity-uuid="743bf564-3f8f-45fc-b8d3-bbf18f5b628f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/mcnab%20Peel%20st%20podium.png?VersionId=EhCxGrVn_VFH3qTbKnI4WppGwaMnOn0t" />

Designed by <a href="https://www.apartments.com.au/architects/hayball">Hayball</a>, the development will deliver 119 two-bedroom and five three-bedroom apartments across 23 residential levels. A five-level podium will accommodate 135 car spaces, while the ground floor will include a 66 sqm commercial tenancy, an activated residential lobby with work-from-home spaces, and a publicly accessible landscaped plaza linking Cordelia and Peel streets.&nbsp;

Communal amenities will span Level 6 and the rooftop, including indoor and outdoor recreation spaces, a swimming pool, barbecue facilities, kitchen and dining areas, lawn space, sauna, steam room and yoga facilities.

The application also proposes a boundary realignment to create a standalone 1,290 sqm development lot while retaining an adjacent parcel for future redevelopment, allowing the balance of the site to contribute additional housing over time.

Hayball said the architecture has been shaped by the site's elevated corner position at the intersection of Peel and Cordelia streets and Brisbane's subtropical climate.

The design incorporates generous landscaped setbacks, a masonry podium wrapped with planting, large north-facing balconies, and a slender tower profile intended to maximise natural light, cross ventilation and long-range views. The rooftop has been conceived as a wellness-focused retreat overlooking Brisbane, with amenities positioned to capture views towards Mount Coot-tha and the CBD.

<img alt="First look: McNab resets decade-old South Brisbane approval with 124-apartment tower" data-entity-type="file" data-entity-uuid="c5f99e84-6ad8-4a87-82d1-869685b754d2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/mcnab%20tower%20perspective.png?VersionId=Gw0IuJaSAlk.tvGBxInhZOcQAdIB..2b" />

The planning submission positions the proposal as a response to both changing market conditions and Brisbane's Kurilpa Sustainable Growth Precinct planning reforms.

McNab acquired the site after the previous approval was granted, with the existing scheme no longer reflecting current residential market demands, economic conditions, construction challenges, construction efficiencies or the quality of development outcome now being pursued, the planning report noted.

McNab continues to expand its residential development pipeline across Brisbane and the Gold Coast. The developer recently launched The Tannery in West End, securing more than 60 per cent of apartments before the project's public release. It is also delivering Elements Budds Beach in Surfers Paradise and Lucia Highgate Hill, an eight-apartment boutique development overlooking the Brisbane River.

McNab resets decade-old South Brisbane approval with 124-apartment tower

A steeply sloping Bellevue Hill site is set to accommodate a new mid-rise apartment development, with plans lodged for 20 homes that respond to the site's dramatic topography.

The proposal for the consolidated land at <a href="https://www.apartments.com.au/new-apartments/138a-140-bellevue-road-bellevue-hill-nsw-2023">138A-140 Bellevue Road</a> has been designed by Sydney architecture practice Common Office, which has used the site’s substantial fall to distribute the building’s scale and unlock 20 apartments without presenting the full height to the street.&nbsp;

“The unique design strategy leverages the site’s substantial topographical fall to facilitate increased density, presenting a seven-storey profile to Bellevue Road while rising to 10 storeys at the rear,” Common Office said in its architectural design report.

The apartment mix spans one, two, three- and four-bedroom residences. Four two-bedroom apartments are designated as affordable housing, while the plans also include two adaptable dwellings. The mix is majority three-beds, with the typical three-bed apartment offering around 144 sqm internally, with balconies of around 15 sqm.

The affordable housing component represents 15 per cent of the residential floor area and allows the project to access additional height and floor space under the NSW Government’s in-fill affordable housing provisions. The site also falls within the inner area of the Low and Mid-Rise Housing Policy because it is within 400 metres walking distance of Double Bay Town Centre.

<img alt="First Look: Plans lodged for topography-led affordable housing project in Bellevue Hill" data-entity-type="file" data-entity-uuid="b1230d0f-3bfa-4a11-abaf-0928c66ef345" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Bellevue%20da.png?VersionId=dZeMK3P.OutGjN8ycjsxm8uNsj_QFWQv" />

Common Office has arranged the building around a masonry podium and a lighter upper volume, drawing on two recurring elements of Bellevue Hill’s established architecture: sandstone bases and the vertical proportions of local Inter-war Art Deco apartment buildings.

“The proposal is governed by a holistic design language that reconciles the solid horizontal masonry of the neighbourhood’s podiums with the elegant verticality of its Art Deco heritage,” the architect said.

“The building maintains a consistent rhythmic logic utilising deep recesses and a sophisticated material transition to break down the 10-storey scale into a series of articulated, human-scale volumes.”

<img alt="First Look: Plans lodged for topography-led affordable housing project in Bellevue Hill" data-entity-type="file" data-entity-uuid="0147f503-1af1-4d51-97fb-c2f1cba63a9d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Bellevue%20bldg.png?VersionId=GoW7q3NlK67OpnePXhk7zvklrlKb72Qc" />

Large-format sandstone tiles will define the lower levels, establishing a robust base that negotiates the change in elevation from Bellevue Road. Above, red-tinted precast concrete frames, recessed balconies, anodised aluminium screens and expanded metal details will create a more vertically expressed façade. Integrated planter beds will introduce greenery across balcony edges and recessed sections of the building.

The elongated northern façade has been divided into three recessed vertical masses to reduce its perceived length. Triangular window elements and metal privacy screens reference the geometry of nearby Art Deco buildings while controlling overlooking toward surrounding homes. The southern elevation will incorporate further privacy screening, landscaped edges and deep balconies to maintain light and ventilation.

<img alt="First Look: Plans lodged for topography-led affordable housing project in Bellevue Hill" data-entity-type="file" data-entity-uuid="e8679cf1-18bc-4447-8a0f-0052b94ab83c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Bellevue%20da%20rooftop.png?VersionId=5SQqQqRFf76rvE2p1TbxJSweMN70AIbc" />

Private and communal landscaping is distributed throughout the development. A landscaped garden apartment is positioned within the lower portion of the site, while a communal terrace on Level 5 will include a central timber deck, barbecue facilities, resident planting plots and areas for outdoor dining and informal gatherings.

Common Office described the terrace as an elevated sanctuary designed to capture district views and sunlight. Its planting strategy incorporates endemic species associated with the Eastern Suburbs Banksia Scrub, extending the landscape vertically through the building and providing habitat for local flora and fauna.

A second communal outdoor area is proposed at roof level, with built-in seating, paved gathering areas and perimeter planting.

Bellevue Hill is enjoying renewed momentum in the new apartment market, with several boutique developments recently launched and currently under construction. Positive Investment Enterprise is delivering the 16-apartment Kew Palm House on Birriga Road, while Chanine Developments is also under construction at Florian, a 36-apartment project on Banksia Road.

&nbsp;

Bellevue Hill is enjoying renewed momentum in the new apartment market, with several boutique developments recently launched and currently under construction.

First Look: Apartment development pitched for Bellevue Hill, Double Bay fringe

South Brisbane's apartment pipeline continues to build momentum, with <a href="https://www.apartments.com.au/developers/trk-property-group">TRK Property Group</a> lodging plans for a 161-apartment tower on Montague Road as developers accelerate investment across the Kurilpa Sustainable Growth Precinct.

The proposal for 176–186 Montague Road would replace an existing office building with a 20-storey residential tower designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, adding to a growing pipeline of high-density projects reshaping one of Brisbane's fastest-evolving inner-city precincts.

The project has been conceived as a "living building", featuring a flowing tower form, extensive vertical landscaping, and generous communal spaces that respond to the evolving Kurilpa Sustainable Growth Precinct.

TRK Property Group Development Director Matt Kan said the project reflected the confidence developers have in South Brisbane's long-term future.

"South Brisbane is entering an incredibly exciting period, and we see Montague Road sitting right at the heart of that evolution," Kan said.

"With the former Visy site directly opposite us and significant investment planned throughout the broader Kurilpa precinct, there is a real sense of momentum around this part of the city and what it will become over the coming years.

"For TRK, this is an opportunity to be part of that next chapter and deliver a project that responds to where the precinct is heading, while contributing to the continued evolution of Brisbane's river edge."

<img alt="First look: TRK Property joins South Brisbane apartment surge with Montague Road tower plans" data-entity-type="file" data-entity-uuid="590fe1ad-f892-4446-a679-80e33a16d029" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/TRK%20tower%20facade.png?VersionId=uOJStrcKpyHFcPE1w6_9SMAFzVMCcZll" />

The scheme includes a mix of one, two, three and four-bedroom apartments, incorporating multi-purpose rooms in selected residences to provide additional flexibility for home offices or expanded living areas. The proposed mix comprises 15 one-bedroom, 13 one-bedroom plus MPR, 73 two-bedroom, 26 two-bedroom plus MPR, 30 three-bedroom, and four four-bedroom apartments.

Rather than adopting a conventional rectilinear tower, COX Architecture has developed a sculpted form inspired by the movement of the Brisbane River.

"The proposal has been designed by COX Architecture as a 'living building' that responds to the site's riverine setting, floodplain history and evolving urban context within the Kurilpa Sustainable Growth Precinct," the planning report states.

"The architectural form draws from the fluid nature of the Brisbane River, with a curved and undulating tower form that creates a varied architectural edge and avoids a conventional rectilinear tower expression."

The podium has also been designed as an architectural feature rather than a conventional parking structure, with cascading planting, screening and natural-toned materials softening its appearance. Resident parking is elevated above ground level to address the site's flood constraints, while habitable apartments sit above flood planning levels. Upper-level communal facilities are designed to accommodate shelter-in-place arrangements during major flood events.

<img alt="First look: TRK Property joins South Brisbane apartment surge with Montague Road tower plans" data-entity-type="file" data-entity-uuid="01fa15d0-90df-46c7-9555-7941fc45373c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/TRK%20podium.png?VersionId=mHyua.w1pHGBt9qEdWzrlsv.leztUCwO" />

Communal amenity is a major focus of the proposal. Around 1,815 sqm of shared resident space is proposed across the ground floor, level 19 and the rooftop, including co-working areas, indoor and outdoor recreation spaces, wellness facilities, dining and gathering areas, lawn spaces, a rooftop pool and spa, and extensive landscaping. At street level, a landscaped forecourt and approximately 345 sqm of publicly accessible open space along Montague Road are intended to improve the pedestrian experience while activating the building's frontage.

The development will provide 163 car spaces, including 152 resident bays and 11 visitor spaces, together with 144 bicycle spaces incorporating resident storage, visitor parking, bicycle maintenance facilities and e-mobility charging infrastructure.

The site sits within one of Brisbane's fastest-changing inner-city precincts, less than two kilometres from the CBD and within easy reach of South Bank, West End, the Queensland Cultural Centre and extensive public transport connections. The Kurilpa Sustainable Growth Precinct planning framework is encouraging higher-density residential development to help meet Brisbane's housing supply targets while supporting walkable, transit-oriented neighbourhoods.

TRK Property joins South Brisbane apartment surge with Montague Road tower plans

Article summary

<ul data-end="785" data-start="311">
	<li data-end="459" data-section-id="5hbcyr" data-start="311">Pikos Group has released the five-penthouse collection at Skye Kangaroo Point, headlined by a two-storey sky home spanning more than 1,000 sqm.</li>
	<li data-end="561" data-section-id="1p7lq8n" data-start="460">Early buyer interest suggests the residences could set a new Queensland apartment price record.</li>
	<li data-end="667" data-section-id="1y70z0l" data-start="562">The collection includes four move-in ready penthouses and the highly customised Skye One residence.</li>
	<li data-end="785" data-section-id="yvm0y1" data-start="668">The release caps one of Bri​sbane's most ambitious luxury apartment developments overlooking the Brisbane River.</li>
</ul>

<hr data-end="790" data-start="787" />
Pikos Group has released the five-penthouse collection at its <a href="https://www.apartments.com.au/buildings/skye-residences-by-pikos-kangaroo-point-8-river-terrace-kangaroo-point-qld-4169">Skye by Pikos</a> development in Kangaroo Point, with early buyer interest indicating the flagship residences could eclipse every apartment sale previously recorded in Queensland.

The collection crowns the luxury riverfront development with five residences, including four completed penthouses and Skye One, a two-level sky home spanning more than 1,000 sqm that will be tailored to its eventual owner.

[smartcode_project:default project_id=90059 project_image_fid=374075]

Wanting to offer a fully customisable home, Pikos is offering Skye One as a blank canvas, allowing the buyer to work alongside the developer's design team to customise the home's layout, finishes and internal spaces.

The residence will feature a 247 sqm private rooftop terrace with its own swimming pool, sauna, steam room, outdoor kitchen and multiple entertaining areas overlooking the Brisbane River and CBD skyline.

The remaining four penthouses have been completed and are ready for immediate occupation, each offering four bedrooms, expansive open-plan living areas, soaring ceilings and private lift access.

[smartcode_project:default project_id=90059 project_image_fid=374059]

One of the defining features throughout the project is its use of Roman Classic Travertine, with more than 20,000 sqm of the natural stone imported from Italy after being personally selected by Pikos Group Founder and Executive Director Pedro Pikos, interior designer Julie Williamson and third-generation stone specialist Mario Caucci.

Pikos said the penthouse collection represented the culmination of the company's long-term vision for Skye.

"True legacy isn't measured by what we build today, but by what endures tomorrow," Pikos said.

"Our ambition is to create places that become more valuable with time, enrich the lives of generations, and stand as timeless landmarks long after we've stepped away."

[smartcode_project:default project_id=90059 project_image_fid=374060]

Williamson said the interiors were inspired by the natural character of Kangaroo Point and the Brisbane River rather than international design trends.

"Materiality tells the story of a place," Williamson said.

"We looked to the movement of the Brisbane River, the texture of the cliff face and the warmth of the surrounding landscape to create interiors that feel understated, enduring and unmistakably Brisbane."

Positioned above the Kangaroo Point cliffs, Skye places residents within walking distance of Howard Smith Wharves, South Bank and James Street while offering uninterrupted river and city views.

[smartcode_project_cta:default project_id=90059]

Brisbane's next apartment price record? Pikos unveils Skye's exclusive penthouse collection

Sydney’s property market is known for high prices, competitive bidding, and mounting pressure on first home buyers. But change is on the horizon.

From late 2025, eligible first home buyers in New South Wales will have access to a new federal government initiative aimed at addressing affordability: the Help to Buy Scheme.&nbsp;

<h2>What is the Help to Buy Scheme?</h2>

The program introduces a shared equity model intended to reduce the upfront cost of entering the property market, particularly in high-demand urban areas such as Sydney.

The scheme operates under a shared ownership structure in which the federal government takes an equity stake of up to 40 per cent for new homes, or 30 per cent for existing dwellings. This arrangement allows eligible buyers to significantly reduce their loan size and avoid the added cost of Lenders Mortgage Insurance (LMI).

Under this model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required. The government’s contribution is not a loan but a co-ownership stake in the property. As such, there is no interest or rent charged on its portion.

Because the government’s equity combined with the buyer’s deposit typically meets or exceeds the 20 per cent threshold, LMI does not apply. The remaining balance, generally between 60 and 70 per cent of the property’s value, is financed through a standard home loan with a participating lender.

The government's equity in the property remains in place until the buyer chooses to repay it voluntarily or until the property is sold. Buyers can buy back the government’s share over time, in increments of at least five per cent, depending on their financial situation.

There is no fixed repayment timeline, but the amount to be repaid will be based on the property's market value at the time of repayment, not the original purchase price.

<h2>How do you qualify for the&nbsp;Help to Buy Scheme?</h2>

To qualify for the Help to Buy Scheme, applicants must meet the following conditions:

<ul>
	<li>Be an Australian citizen at least 18 years of age.</li>
	<li>Be a first-home buyer who does not currently own property.</li>
	<li>Intend to live in the property as their primary residence.</li>
	<li>Earn less than $100,000 per year for individuals, or $160,000 for couples.</li>
	<li>Purchase a property within the regional price caps, currently $950,000 in Sydney, though this is expected to rise to approximately $1.3 million ahead of the program’s launch.</li>
</ul>

While the Help to Buy Scheme does not solve affordability challenges across the board, it does offer a more accessible pathway for a defined segment of the market, particularly younger buyers with moderate incomes who have been priced out of traditional lending routes.

The scheme is expected to commence in NSW in late 2025, as part of a national rollout.

Under the new model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required

Help to Buy Scheme: What first home buyers in NSW need to know

The First Home Owners Grant (FHOG) is a government initiative designed to help eligible first-time home buyers by offering financial assistance towards the purchase or construction of a new home.

While the FHOG is a nationwide program, it is administered separately by each state and territory, meaning the eligibility criteria, grant amounts, and property requirements can vary depending on your location. This means that the amount available and the conditions attached to the grant will differ, so it is important to check the specific guidelines for your state or territory.

It’s important to note that the FHOG is just one of several incentives available to first home buyers. In most states and territories, the grant is not linked to stamp duty exemptions or concessions, with the exception of the Australian Capital Territory (ACT). The FHOG is typically a one-off payment, reducing the overall cost of purchasing or building a new home before any stamp duty concessions are applied.

Below, we provide a breakdown of the First Home Owner Grants available across Australia, outlining the specific details for each state and territory.

<h2>New South Wales First Home Owner Grant</h2>

First Home Owner Grant: Offers a $10,000 grant for new homes valued up to $600,000. For land purchases and owner-builders, the threshold extends to $750,000.

Stamp Duty Benefits: Provides full stamp duty exemption for homes valued up to $800,000, with concessions available for properties up to $1 million.

<h2>Victoria South Wales First Home Owner Grant</h2>

First Home Owner Grant: Provides a $10,000 grant for first-home buyers purchasing or building new homes valued up to $750,000.

Stamp Duty Benefits: Offers full stamp duty exemption for properties up to $600,000, with concessions available up to $750,000.

<h2>Queensland First Home Owner Grant</h2>

First Home Owner Grant: Offers $30,000 for contracts signed between 20 November 2023 and 30 June 2025. The FHOG applies to new homes valued up to $750,000.

Stamp Duty Concessions: Provides additional concessions for properties valued up to $800,000.

<h2>Western Australia First Home Owner Grant</h2>

&nbsp;

First Home Owner Grant: Offers a $10,000 grant for new homes valued up to $750,000 in the southern regions and up to $1 million in the northern regions.

Stamp Duty Concessions: Available for homes valued up to $600,000 for transactions entered into on or after 9 May 2024.

<h2>Australian Capital Territory First Home Owner Grant</h2>

First Home Owner Grant: Replaced by the Home Buyer Concession Scheme, offering full stamp duty concessions for eligible buyers.

<h2>South Australia First Home Owner Grant</h2>

First Home Owner Grant: Provides up to $15,000 for new homes, including houses, apartments, and townhouses. As of 6 June 2024, there is no property value cap for eligibility.

Stamp Duty Relief: Available for new homes and vacant land purchases.

<h2>Tasmania First Home Owner Grant</h2>

First Home Owner Grant: Offers a $10,000 grant for new homes and off the plan purchases.

Stamp Duty Exemption: Between 18 February 2024 and 30 June 2026, first home buyers of established homes valued up to $750,000 receive a full exemption on property transfer duty.

<h2>Northern Territory First Home Owner Grant</h2>

First Home Owner Grant: The Northern Territory provides a $10,000 grant for new homes only. Additional government grants and concessions are available for first home buyers.

Stamp Duty Exemption: The only stamp duty exemption available to property buyers is the House and Land Package Exemption (HLPE).

Eligibility criteria and application processes differ across states. Prospective buyers should refer to their respective state revenue offices for full details on grant availability, conditions, and additional concessions.

Every First Home Owner Grant for new property by state

In the ever-evolving landscape of sustainable architecture and environmentally conscious design, systems and ratings in place can help determine the energy efficiency of residential buildings in Australia.

Australia has multiple building rating systems that evaluate energy efficiency and sustainability in existing and new building designs.

Some systems assess individual building components, while others provide an overall rating for the entire structure.

A rating system ensures that homes are comfortable and energy-efficient, whether you are buying, renovating, or building.

NatHERS (Nationwide House Energy Rating Scheme) is a common way for new homes to meet energy efficiency requirements.

As new developments continue to shape the urban environment, understanding NatHERS ratings becomes essential for developers and homeowners. This article delves into the concept of NatHERS ratings, their significance, and how they contribute to creating energy-efficient homes.

<h2>What is NatHERS?</h2>

NatHERS is a national initiative implemented by the Australian government to promote energy efficiency in residential buildings. The scheme aims to provide a standardised method for assessing the thermal performance of homes, considering factors such as insulation, orientation, ventilation, and building materials.&nbsp;

NatHERS ratings are the most common way new homes meet the National Construction Code's (NCC's) minimum energy efficiency requirements.&nbsp;

NatHERS assessments provide thermal and whole-home ratings for new homes, townhouses, and apartments.

The rating helps evaluate the energy performance of buildings, guides homeowners and developers to make informed decisions about the energy efficiency of their properties, and encourages the construction of more sustainable, comfortable, and cost-effective homes.

<h2>How NatHERS Ratings Work</h2>

NatHERS ratings are determined through four accredited software tools (AccuRate, BERS Pro, FirstRate5, HERO) using a calculation engine CSIRO developed to predict building temperature based on various factors.

The tools can model complex effects of building mass, insulation, window size, and other elements.

The outcome is a star rating that reflects the building's overall thermal efficiency, indicating how well it can maintain a comfortable indoor temperature without excessive reliance on heating or cooling systems.

The star rating scale ranges from 0 to 10, with a 6-star rating being the minimum requirement for compliance with the National Construction Code (NCC).&nbsp;

Achieving a higher star rating demonstrates a commitment to energy efficiency and sustainability, as the building is better equipped to minimise its environmental impact and reduce long-term energy costs.

Anyone can use NatHERS tools, but accredited assessors can provide certified ratings and professional advice.

<h2>Benefits of Higher NatHERS Ratings</h2>

Energy Efficiency: Buildings with higher NatHERS ratings are more energy-efficient, requiring less heating and cooling energy. This reduces the structure's carbon footprint and lowers occupants' energy bills.

Cost Savings: Homes with higher NatHERS ratings are generally more energy-efficient, resulting in reduced energy consumption for heating and cooling. This translates to lower energy bills for homeowners, making sustainable living environmentally friendly and economically viable in the long run.

Environmental Impact: Lower energy consumption directly translates to a reduced environmental impact. Buildings with higher NatHERS ratings contribute to the overall goal of mitigating climate change by lowering greenhouse gas emissions associated with heating and cooling systems.

Improved Comfort: Buildings with high NatHERS ratings offer better thermal comfort to occupants. Proper insulation, well-designed ventilation, and optimal orientation maintain a consistent and comfortable indoor temperature, providing occupants with a more enjoyable and healthier space.

Market Value and Desirability: Higher NatHERS ratings can enhance the market value of a property. As energy efficiency becomes a more significant consideration for homebuyers, a well-rated building may attract a premium price and stand out in the real estate market.

Compliance with Building Codes: NatHERS ratings are a vital component of the National Construction Code (NCC), and compliance with these ratings is often a mandatory requirement for new developments. Local councils and planning authorities may set minimum energy efficiency standards that must be met to obtain development approval.

The Nationwide House Energy Rating Scheme (NatHERS) is a crucial initiative shaping the future of energy-efficient, resilient, and cost-effective homes. With its recent upgrades, NatHERS has evolved into a world-leading tool for the building sector, supporting the global commitment to achieving net-zero emissions by 2050.

Staff Writer

What is a NatHERS rating in new off the plan apartment developments?

Mixed-use developments have gained significant popularity across Australia in recent years due to their unique blend of residential, commercial, and recreational spaces.

Unlike traditional single-purpose developments, mixed-use projects offer a harmonious integration of various functions within a single locale.

Residential units seamlessly coexist with commercial establishments, retail outlets, dining venues, entertainment hubs, and recreational facilities, with the combination not only enhances convenience but also fosters a vibrant lifestyle and a sense of community.

<h3>Convenience and accessibility</h3>

Mixed-use developments are designed with convenience in mind. They often integrate residential units with commercial spaces, retail outlets, restaurants, and recreational facilities, creating a self-contained community.

[smartcode_project:default project_id=114215 project_image_fid=204874]

The proximity allows residents to enjoy the convenience of having essential amenities and services within walking distance. Whether it's grabbing a cup of coffee, going grocery shopping, or accessing healthcare services, everything is conveniently located, saving residents time and effort.

<h3>Vibrant lifestyle and community</h3>

One of the major advantages of mixed-use developments is the vibrant lifestyle they offer. With a diverse range of amenities and communal spaces, residents have ample opportunities to interact, socialise, and build a sense of community.

[smartcode_project:default project_id=107714 project_image_fid=214122]

The presence of parks, community centres, and shared spaces fosters a lively atmosphere, encouraging residents to engage in various activities and events. The vibrant lifestyle within these developments creates a unique sense of belonging and camaraderie among the residents.

<h3>Potential for higher rental yields and property value appreciation</h3>

Mixed-use developments tend to attract a broad range of tenants and buyers due to their versatile nature. This high demand can result in higher rental yields for investors and potentially lead to property value appreciation over time.

[smartcode_project:default project_id=139989 project_image_fid=212887]

The integration of commercial and retail spaces attracts businesses, which can provide a stable rental income stream. Additionally, the popularity of mixed-use developments often drives up property values, making them a potentially lucrative investment in the long term.

<h3>Enhanced security and maintenance</h3>

Mixed-use developments typically have comprehensive security measures in place. With controlled access points, CCTV surveillance, and professional security staff, residents can enjoy enhanced safety and peace of mind.

[smartcode_project:default project_id=108019 project_image_fid=212658]

Additionally, these developments often have dedicated maintenance teams responsible for the upkeep of common areas, landscaping, and infrastructure. This ensures that the overall appearance and functionality of the development are well-maintained, creating a pleasant living environment for residents.

<h3>Live-work-play balance</h3>

One of the key attractions of mixed-use developments is the ability to achieve a desirable live-work-play balance. The integration of residential and commercial spaces allows residents to live closer to their workplaces, reducing commuting time and improving work-life balance.

The proximity to various amenities and recreational facilities encourages an active and healthy lifestyle. Residents can easily access fitness centres, parks, restaurants, and entertainment options, all within the same development, leading to a more fulfilling and convenient way of life.

alisonwarters@gmail.com

The top five reasons to buy in a mixed-use development

When buying a property, everyone needs to be aware of the additional costs that come as part of the buying process.

Often the largest outlay, after the deposit which goes to the bank, is stamp duty.

<h2 style="line-height: 1.38;">What is Stamp Duty?</h2>

Stamp duty is an extra tax to pay the government when you buy land, a property, and other certain assets.

It happens when the legal ownership is transferred. It can also be known as property transfer duty or transfer duty.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="415" src="https://www.youtube.com/embed/C32BWkB5--c" title="YouTube video player" width="660"></iframe>

<h2>Who pays Stamp Duty?</h2>

In some circumstances, you may get an exemption. For some states, you won’t have to pay for stamp duty if you are a first home buyer or a pensioner for houses under a particular price. There are also stamp duty concessions, where you may be entitled to a discount.

<h2>How much does Stamp Duty cost?</h2>

Each state has different rules which affect how much you need to pay. These rules can affect the rate you pay, and the timeframe you will need to pay in. Before you buy land or a property, make sure you check the up-to-date information for your state’s stamp duty.

You can use a free stamp duty calculator online to see approximately how much you’ll need to pay. Find out if you’re eligible for an exemption by enquiring on a project via Urban!

Overall, the stamp duty you need to pay will depend on:

<ul>
	<li aria-level="1">How much your land/property is worth</li>
	<li aria-level="1">Where your land/property is located</li>
	<li aria-level="1">What type of land/property it is</li>
</ul>

Want to find out more? <a href="https://www.youtube.com/@UrbanAustralia?utm_source=YouTube&amp;utm_medium=Video&amp;utm_campaign=Subscribe&amp;utm_id=Subscribe">Subscribe to our YouTube channel</a> for more property videos.

Ellen Walker

Off-the-plan property explained: What is stamp duty?

Prominent New Zealand apartment and hotel operator, <a href="/developers/safari-group">Safari Group</a>, is offering up a prime investment opportunity for Australians to purchase off the plan in one of the world’s most popular ski destinations.

They recently took to market Mountain Oak Queenstown Apartments, in the growing precinct of Remarkables Park in Frankton, near the airport and at the foot of The Remarkables - the mountain range the locals like to call “The Remarks”.&nbsp;

Sydney investors have shown interest in the one, two and three-bedroom apartments that secure high-season occupancy six months over the year, primarily over summer and winter months.

They average 90 per cent occupancy across their portfolio over January, February, March, August, November and December, while shoulder season months of April, July, September and October are still occupied 70 per cent of the time, with the growing appeal of Queenstown becoming not just a hotspot for the snow, but a lifestyle destination.

Even in the low seasons of May and June, occupancy levels reach around 40 per cent.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Ext_Cam15_Sunny.jpg?VersionId=SJAROUM_1s.Tr5ciMk4EEj5oAt_Vewmv" />

Safari’s Safari Hotels arm can also manage the holiday letting for an investor, from the listing on holiday accommodation websites such as Airbnb and Booking.com to the cleaning and maintenance of the investment. They’ve been in the short stay management business for 15 years and offer 24/7 support for investors, an important convenience benefit for any overseas investor

Another major drawcard for Australians is that New Zealand doesn’t have a stamp duty policy - so the entry price of NZ$639,000 (AU$586,000), is all that is payable on completion.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/313_Livingv2_WEB.jpg?VersionId=nV229fM0ZeYpoxOrX372HyGjfwY_LR8c" />

Safari is starting construction of the 141 apartments in Q2 this year, with a two-year build estimated to complete in mid-to-late 2027.<img alt="" data-entity-type="" data-entity-uuid="" height="15" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXczFpFAb7WuA6f4f9TtKWcqXyNwR8qqtakWv352ERkpqNlP3KwIo8YKxw67jZNHfpjEGIZGv5MQTbnvLZwNt8iu9IVdOrswOjCvBZ4zhSoOOLrpt6etVEZTN1gkBho0r_R72zdHNA?key=yq3daOanqHSb88QFd8jGYKdb" title="Click and drag to move" width="15" />​

The apartments will feature modern amenities and contemporary designs with expansive windows capturing sweeping views of The Remarkables mountain range.&nbsp;

Interiors are equipped with modern finishes, premium appliances, and secure electronic key-locked doors, ensuring a comfortable living experience for residents and guests alike.

With its strategic location near Coronet Peak and Cardrona Alpine Resort, as well as key retail and dining precincts such as Market Street, Five Mile Shopping Centre, and Remarkables Market, Mountain Oak offers a strong proposition for investors seeking high rental yields and capital appreciation in one of New Zealand’s most sought-after locations.&nbsp;

Queenstown’s sustained demand for visitor accommodation and rental properties is underpinned by a shortage of housing options, attracting both local and international buyers.

Safari Group offers low-touch investment proposition in Queenstown’s popular ski fields district

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Balancing a real estate market is not an easy task.  Too much supply and prices fall – too little and they rise and in this respect, years of rapid population growth has played an influence on the Australian real estate terrain.
Additionally, various incentives – negative gearing, grants for first-home buyers, reduced stamp duty rates for off-the-plan sales and new homes, relaxed FIRB requirements - to name but a few - have been introduced, changed, and intermittently withdrawn by government “movers and shakers.”
All have the effect of falsely influencing consumer demand one way or another - sometimes it’s done in favour of the investor, sometimes the home buyer, however in all circumstances any so called improvement in ‘affordability’ invariably results in price increases, of which I have no doubt was the intention in the first place.
The housing boom has fed Australia’s obsession with real estate – and I can fully understand the emotions that surround the debate.  I attended a dinner over the weekend and enjoyed the company of a group of retirees who have all benefited nicely from rising property prices over our golden years of growth.
Most around the table owned a small portfolio of investments and once they discovered my current employment status, wasted no time recounting how investment in property – of which their parent’s generation had been unable or too cautious to explore – had paved the way into what was now, a relatively comfortable retirement.
When they purchased their first homes – Melbourne and Sydney were growing rapidly. Supply was good, low rise apartment blocks were popping up along local streets; there was massive investment in infrastructure – roads, schools hospitals, public transport etc. The then ‘outer suburbs’ were far more facilitated than our current comparable ‘fringe’ localities and the higher inflationary environment benefited their footsteps into property investment nicely.
However, the question all wanted answered was - ‘are we in a bubble’ and if yes, ‘will the housing market crash?’
It’s possibly the most common question I’ve been asked to date when talking about real estate – and understandably so. Prior to the GFC, following a global 'borrowing' shopping spree of cheap credit, Australia’s ‘too big to fail four’ were amongst the world’s most heavily exposed to the residential real estate market, with a grand total of 59% of loans offered to this sector alone.
Mortgage debt – the largest component of all debt in Australia, has ensured Australia’s banks are as ‘pinned’ in their reliance on the ever-expanding growth of our resident population’s desire to borrow and buy, as is everyone else who has a hand in the pie – aptly benefitting those who got in at the start of the ‘lending boom’ against those who now find themselves in a far more challenging environment.
 
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As Canstar’s Steve Mickenbecker recently commented during a <a target="_blank" href="https://au.finance.yahoo.com/video/reducing-private-health-premiums-023055241">video interview</a> on Yahoo Finance last week, Australian’s are “paying double what they were 10 years ago to get into the (property) market”, despite wages rising “by half that.”
Although property cycles are evident in all market economies, I’ve said previously that assessing the immediate future based on our long term past will not produce the desired result for those imagining that the property market can sustain an inflationary upward curve, in line with our previous ‘golden years of growth.’
Notwithstanding, RP Data have not been slow in suggesting a range of suburbs predicted to <a target="_blank" href="https://www.news.com.au/realestate/buying/time-to-buy-property-prices-to-double/story-fndban6l-1226626822141">double in value</a> over the next ten years.  Under such a suggestion, buyers could find themselves faced with a bill for close to $1Mil for a basic inner city second hand unit.  No wonder RP Data caution investors to view the ‘free’ report as a ‘starting point’ – general advice only in return for an email address.
Last week the RBA expressed concerns about growth expectation in an address to the Citibank Property Conference entitled <a target="_blank" href="https://www.rba.gov.au/speeches/2013/sp-so-230413">“Housing and Mortgage Markets: The Long Run, the Short Run and the Uncertainty in Between.”</a>
The speech was interesting, but perhaps should have just lead with the word ‘uncertainty’ because whilst they make it quite clear the future is not going to look like the past – for which they employ the term a ‘new normal’ – it’s also clear they have little concept of how this ‘new normal’ will look.
Understandably, they note a recent recovery in dwelling prices which they advocate ‘makes sense’ given the steady decline in interest rates. This is the one reason we’re being bombarded with ‘how affordable’ the market is at present.
However, it’s a funny old world where house prices can romp past the rate of inflation and wage growth ending at historic highs, and despite the recent ‘slump’ in transactions and values, which saw a fall of some 6 per cent nationally, be back on the road to recovery, with established metro prices romping on towards their 2010 peak.  Yet, at the same time, first time buyers are consistently told – it’s ‘never been more affordable to buy’ because ‘cheap credit’ is currently in abundance.
Of course, there’s no mention of what will happen to those homebuyers when rates do eventually rise – which, if not in the foreseeable future, they inevitably will.
The RBA have voiced little concern regarding our high personal debt levels (household debt to income ratio remains stubbornly at some 150 per cent) noting thus far, serviceability is well maintained.
However, the risk is ever present.  High levels of debt – when followed by downturn in house prices generally result in a greater reduction of economic growth and subsequently an increase in unemployment.  In other words – the debt level is fine, as long as the party continues – but are there any rumblings on the horizon?
As referred earlier, one we approached any question of a ‘bubble’ the conversation I had round the table Saturday evening was an interesting one.  When the subject of lending standards arose, the general consensus of opinion reiterated was the ‘new’ prudent environment which all imagined went hand in hand with the assumption banks no longer lend ‘more’ than an individual’s income can service.  Or as the RBA termed it;
“Broadly speaking, mortgage lenders decide how much to lend to a household by working out the repayment they can reasonably make, given the household's income and other factors. For a given interest rate, this then backs out to a loan amount.”
 
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I only wish I had evidence of this to hand.  Whilst first-home buyers may find it challenging to gain finance for their initial purchase, and the environment is admittedly more ‘prudent’ - the last few conversations I’ve had with investors have revealed some concerning trends.  Even in our post GFC environment, most were offered loans far in excess of what they could comfortably service, yet understandably, all chose to accept less.  I readily admit this is only anecdotal evidence – however, clearly, for those who hold existing assets, lenders are unsurprisingly not averse to pushing the boundaries – with loan to value ratios still available at <a target="_blank" href="https://www.macrobusiness.com.au/2013/04/cba-pulls-back-mortgage-lvrs-sort-of/">95%</a>.
But as for the future predictions, it’s somewhat ironic that Luci Ellis – who holds the title ‘Head of Financial Stability Department’, can give what is essentially a speech full of 'unknowns' and a few well publicized <a target="_blank" href="https://www.macrobusiness.com.au/2013/04/rba-drops-the-ball-on-housing-supply-again/">inaccuracies</a>, which, if anything, it reads like a thesis of 'mights'..
“We don't have a strong view about whether the ratio of prices to income should be mildly rising, falling or constant from here”... “we think it is very unlikely to return to its 1970s levels, or to rise rapidly once again”
“We don't know exactly what the saving ratio will do in the period ahead”
“We don't think it will necessarily return to the level in the 1960s and 1970s,” 
“We think it is very unlikely to return to its 1970s levels, or to rise rapidly once again”
They make the point that they don’t want “banks to ease their lending standards to make more loans and bring back the boom times. Nor would we want them to cut costs in a way that impinges on their risk-management capabilities.” As if wishing for some kind of ‘goldilocks’ outcome in an environment in which they have marginal control.
However, for my friends around the dinner table on Saturday evening, hotly debating a potential property bubble, the following comment from Ms Ellis would have perhaps been worth a mention.
“we certainly can't rule out the possibility of a major housing downturn in the longer-term future. It is hard to know exactly what the outcome would be because it depends on how we got to that point. Institutions differ across countries, so we can't simply extrapolate from experience elsewhere. And there would need to be another boom first.”
In light of our personal debt levels, I don’t believe a drop in house prices need be pre-empted by another boom.   Albeit, keeping property prices afloat is no hard task in a country awash with policies that encourage investment into our limited established housing market.
We can argue the case for and against such policies with passion, citing old concerns that many first time buyers have ‘inflated expectations’ or an un-willingness to move into cheaper markets, however what cannot be argued, is the widening gap between existing owners and initial buyers which has slipped to the lowest ‘seasonally adjusted’ level since March 2004.
Viewing housing as merely a tool to build wealth and drive the economy takes a fair amount of manipulation.  It’s not hard to keep prices inflated – and if the worst happens, relaxing rules on foreign investment and providing a boost of cash grants as we did during 2008 would – based on recent history – be the accepted move.
Therefore, whilst there’s no doubt even in the collective mind of the RBA that property prices are sitting at a peak, there are plenty of variables to the questions of when, if, and how likely they are to drop.
Rather the question remains – how much higher can they possibly be pushed at the expense of a new generation of renters, who have long given up on the Australian dream?
Under the current system, we’re speedily widening the economic gap between the asset rich and asset poor. In this respect, the belief in giving the underdog a "fair go" as a key part of our collective culture – doesn’t quite extend across the socioeconomic boarders manipulated through high housing costs.
Catherine Cashmore is a market analyst with extensive experience in all aspects relating to property acquisition.
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catherinecashmore-6LXia3pPQj

The certainties and uncertainties of Australia's housing market: Catherine Cashmore

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First-home buyers in Victoria wanting to buy an existing home have just two months to make their purchases and still receive the existing $7,000 first-home owner grant.
The Victorian state government has announced, ahead of its May 7 state budget, that on June 30, it will join NSW and Queensland by ending the long-running handout instead in favour of a bigger $10,000 grant – launching on July 1 - but only for newly constructed houses and apartments under $750,000.
The grant is available to homes and apartments built under a home building contract, built by an owner-builder, purchased off the plan or sold for the first time as a residential premise.
All first-home buyers will benefit from fast-tracked stamp duty savings, which will increase from 30% to 40% on homes valued up to $600,000, beginning on July 1.
The changes to the Victorian first-home owner grant, aimed to assist first home buyers and create jobs in the struggling housing construction industry comes at as the Real Estate Institute of NSW (REINSW) campaigns for the reinstatement of the $7,000 first-home owner grant for existing homes in NSW.
In September last year, Queensland ended its $7,000 first-home owner grant in favour of $15,000 construction grant to buy or build a new home, since renamed the ‘Great Start Grant’.
In October, NSW ended its $7,000 first-home owner grant in favour of a $15,000 grant to buy or build a new home.
With other changes set to occur to different state incentive schemes for first-home buyers over the next six to 18 months, these are the key dates that prospective FHBs need to put into their calendars:
All dates correct as of April 29 2013 and may change with the release of state budgets later in the year.
June 30, 2013 - Victoria
The date the Victorian government ends its $7,000 first-home owner grant. The grant is available if the price of the property or construction of the home does not exceed $750,000. An exception to this requirement is where the contract relates to a home that is on, or to be built on, primary production land.
June 30 2013 - South Australia
The $8,000 Housing Construction Grant (HCG) will expire on June 30. It applies to contracts entered into between 15 October 2012 and 30 June 2013, or in the case of owner builders, where construction commenced between 15 October 2012 and 30 June 2013. A property value cap of $450,000 applies.
June 30 2013 - ACT
The Home Buyer Concession Scheme (HBCS), offering stamp duty concession to first-home buyers and anyone else purchasing a new home or residential vacant land under certain thresholds (<a href="https://www.revenue.act.gov.au/home_buyer_assistance">details on the ACT government website</a>), is due to expire on June 30. 
July 1, 2013 – Victoria
The start of the $10,000 grant in Victoria for newly constructed homes. In addition, the state government will also increase stamp duty cuts of 40% for all first home owners (including those buying existing homes) for homes valued up to $600,000. The combination of a $10,000 first-home owner grant and 40% stamp duty cut means that Victorians buying a newly constructed first home for $400,000 will save over $16,500.
January 1, 2014 - NSW
The $15,000 grant for first-home owners who purchase or build a new home in NSW valued at up to $650,000 will reduce to $10,000 from this date.
June 30, 2014 – South Australia
Up until this date, South Australian first-home buyers of established homes are entitled to a $5,000 grant. From July 1, 2014, no first-home owner grant is available to purchasers of established homes.
June 30, 2014 – South Australia
Stamp duty concessions for first-time buyers who purchase an apartment off the plan in the Adelaide CBD will end on this date. The scheme is available on the transfer of a new CBD apartment or a "substantially refurbished apartment" for a contract entered into from May 31, 2012, to June 30, 2014, capped at stamp duty payable on a $500,000 apartment of $21,330.
June 30, 2014 – Tasmania
The $8,000 First Home Builder Boost Scheme grant available to Tasmanians building a new home (including off-the-plan) if the qualify for the first-home owner grant will end on this date.
September 1, 2014 - Victoria
All first home buyers (whether purchasing newly constructed or established homes) will benefit from a 50% stamp duty concession for homes valued up to $600,000.
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lschlesinger-FZcF9M3vE6

Victorian government to end $7,000 FHOG: the state-by-state deadlines you need to know

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Hengyi Australia, the Chinese developer transforming the former <a href="https://www.propertyobserver.com.au/developments/wyndham-welcoming-at-the-william-in-hengyi-australia-s-first-venture/2013032458545" target="_blank">Telstra "ghost building" on William Street </a>into serviced apartments, will lease office space in the iconic London &amp; Lancashire Building at 400 Collins Street.
Signaling a long-term commitment to projects in Australia, Hengyi will lease 700 square metre premises over both ground and first floor levels on a six year term with a five year renewal option.
The rental was not disclosed but is believed to be around $500 a square metre per annum net.
The <a href="https://www.realcommercial.com.au/property-offices-vic-melbourne-500414467" target="_blank">London &amp; Lancashire Building</a> dates back to the 1940s and is built in the Palazzo style with a facade of stone in the Italian Renaissance style.
Hengyi Australia is an affiliate of Chinese developer, Shandong HYI (Group) Co. Ltd.
The deal was brokered by Savills’ associate director of office leasing, Mathew Kent.
Kent said tenancies in the seven level, heritage-listed building had attracted a high level of demand due to its quality refurbishment, the size of the floor plates, and the much sought after Collins Street address.
The building is now more than 60% leased with only three floors remaining.
 Hengyi director Jeff Wang said the Collins Street address and long term commitment signified Hengyi’s assimilation into Australian corporate life. 
"With our 530 apartment project, The William, to be completed in the middle of next year and a number of projects in the pipeline we are very busy,” Wang said. 
Hengyi will relocate from 190 Queen Street.
The lessor was Sarchi Property Pty Ltd.
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Chinese developer Hengyi commits to Australia with five-year lease in refurbished London & Lancashire Building on Collins Street

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Plenty of economic curve balls are being thrown about at the moment that point directly at incompetence – why are these blunders accepted as the norm?
The Grattan Institute’s <a href="https://www.smh.com.au/opinion/political-news/a-decade-of-deficits-forecast-20130421-2i8hh" target="_blank">assessment</a>: Australia faces a decade of budget deficits with the annual total set to pass $60 billion in 2023 unless governments take tough action to “share the pain”.
In the past 11 years Australia has become <a href="https://www.smh.com.au/business/australia-the-costs-are-spiralling-20130422-2ian3" target="_blank">one of the most expensive places to live in</a>, costlier than New York, London, Frankfurt and Singapore on everything. The report compiled by Deutsche Bank found Australia is part of a global economy operating in a competitive world. High wages, high input costs including energy and rental costs, the inflation bogey and the tyranny of distance all contribute to the country’s lacklustre productivity and falling competitiveness. But it has reached a point where something has to give.
Deloitte Access Economics is <a href="https://www.smh.com.au/business/soft-landing-tipped-despite-end-of-mining-boom-and-fewer-jobs-20130422-2iant" target="_blank">forecasting</a> growth to remain a bit above trend until 2015-16 before rising.
It forecasts: "Western Australia will be hit hardest, even in a benign scenario. In 2013/14 Queensland will replace it as Australia’s engine of growth and by 2015 – 16 it expects even Tasmania to be outgrowing WA. NSW and Victoria are forecast to continue growing about half a percentage point slower than the national growth rate. Job growth would also be subdued, with a net 40,000 manufacturing jobs to go in the next three years, but employment would remain about the same as older workers retire rather than joining the dole queues."
<a title="Hooray, we might lose the AAA" href="https://www.businessspectator.com.au/article/2013/4/24/economy/hooray-we-might-lose-aaa" target="_blank">Hooray, we might lose the AAA</a> “a surplus in 2013 – 14 is now impossible, as both political parties have acknowledged. In his sixth and final budget Wayne Swan will bring down a deficit of $10 – 15 billion, saying: “it’s not my fault – the terms of trade made me do it”. That, and too much spending. The budget is structural deficit because Treasury’s forecasts of growth have been out by about 1% a year for four years and the government has been spending to just under revenue forecasts, which have been wrong. On top of this we have seen public service employment outstripping the private sector which will change as the public service faces severe employment adjustments.
The United Kingdom just escaped its first “triple – dip” recession in modern history with its economy growing 0.3% last quarter – the UK is walking a dangerous economic tightrope.
<img alt="simeonapril29one" src="/images/stories/2013/04/simeonapril29one.jpg" width="470" height="334">
 
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 <a title="Solid start for house prices" href="https://news.domain.com.au/domain/real-estate-news/solid-start-for-house-prices-20130423-2icxt" target="_blank">Solid start for house prices</a> the Fairfax owned Australian Property Monitors said house prices in the southern capital grew 3.6% to $538,922 over the three months while Sydney median grew 1.6% to $673,681. Quite an amazing statistic given a majority of these sales are yet to settle so the sale price still remains confidential – a guesstimate?
Australian Property Monitors (APM) reporting of Mosman sales evidence is riddled with errors based on my analysis. For apartments it shows in the March quarter the highest sale was $5,275,000 although I can find absolutely no evidence of such a sale taking place. For houses in the same quarter they identified the highest sale as being $15,250,000 – which I later pointed out to them was actually $5,250,000. Look at how much this changes last week’s reported data.
MOSMAN HOUSE PRICES MARCH QUARTER 2013
Last week APM reported:
<ul>
<li>
Total Sales: 51
</li>
<li>
Total Value: $143,151,500
</li>
<li>
Median Price: $2,250,000
</li>
<li>
Average Price: $2,806,892
</li>
</ul>
One week later –
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Total Sales: 54
</li>
<li>
Total Value: $135,019,000
</li>
<li>
Median Price: $2,162,500
</li>
<li>
Average Price: $2,500,352
</li>
</ul>
That’s a massive discrepancy! Watch the apartment figures be revised downwards when I point out the highest apartment sale never existed – just as the highest house price did also.
Again the listings volumes are tracking to all time historic lows – I can’t ever before remember seeing such a pattern especially as we have an equally record low cash rate.
Source: Australian Property Monitors
MOSMAN – 2088
• Number of houses on the market this time 2012 – 106
• Number of houses on the market last week – 84
• Number of houses on the market this week – 76
• Number of apartments on the market this time 2012 – 100
• Number of apartments on the market last week – 73
• Number of apartments on the market this week – 75
• Number of houses on the market this time 2012 – 13
• Number of houses on the market last week – 11
• Number of houses on the market this week – 11
• Number of apartments on the market this time 2012 – 34
• Number of apartments on the market last week – 20
• Number of apartments on the market this week – 19
NEUTRAL BAY – 2089
• Number of houses on the market this time 2012 – 14
• Number of houses on the market last week – 6
• Number of houses on the market this week – 5
• Number of apartments on the market this time 2012 – 61
• Number of apartments on the market last week – 37
• Number of apartments on the market this week – 32
These statistics will be all the more fascinating over the coming winter months where I predict the number of houses and apartments in Mosman could see listing volumes fall below 50. Given the higher rental yields investors are not selling which is to be expected given the record high rental rates. Apartment buyers are paying well above what investors are prepared to pay which all but guarantees that rents will continue to increase.
As for what houses will do is anyone’s guess.
Robert Simeon is a director of <a title="RWM" href="https://www.rwm.com.au/" rel="nofollow" target="_blank">Richardson  Wrench Mosman and Neutral Bay </a>and has been selling residential real estate in Sydney since 1985. He has also been writing real estate blog <a title="Virtual Realty News" href="https://www.rwm.com.au/news/" rel="nofollow" target="_blank">Virtual Realty News</a> since 2000. The RWM real estate model has sold in excess of $1 billion in database sales globally.
 
 
 
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robertsimeon-hRNTwJyXkQ

Economic curve balls point to incompetence: Robert Simeon

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I'm often asked why I prefer markets like inner- and middle-ring Sydney and properties in and around London to regional property markets, such small towns or those located 100-500+km from the cities where rental yields might be a little higher.
The answer, in one word, is: risk.
If you pick a hot regional market or mining town to invest in you might do well in the short-term.
Property is not a short-term investment, however, and you should aim to own property in markets with a diversified range of industries and forms of employment. There is absolutely no point in picking a market which is hot for 6 months while a mine is being constructed if prices then ease again immediately thereafter.
Property is a long-term investment and you need to own quality, desirable properties where the population and demand is growing rapidly but the supply of land for release is constrained.
If you speculate in cheap regional markets at today's elevated levels of leverage, you are introducing  a significant risk - in my opinion.
Towns with few industries
When I was growing up, Stoke-on-Trent in the middle of England was known as the home of pottery in the UK, although Britain's manufacturing industry has died a long, slow death in truth.
Before that, however, Stoke was a genuine boomtown setting all kinds of records for coal production, with the famous Chatterley Colliery becoming the first in Britain to mine more than 1 million tonnes of the black stuff. As late as 1992 the awesome Trentham Superpit was still churning out the last of its 2.5 million tonnes of coal.
The coal industry once employed more than 20,000 men in the town.
In 1994, the last of the pits was closed down and today all that remains today is the ugly slag-heaps which you can still see on the skyline. The steel industry in the town, sadly, went the same way.
Today, despite a rapidly growing wider UK population over the decades, the <a target="_blank" href="https://www.bbc.co.uk/news/uk-england-stoke-staffordshire-22262400" style="text-decoration: none; color: #7f7f7f;">BBC reports that</a>houses in Stoke are selling for one pound.
Meanwhile in London prices are reportedly some 17% above their previous peak.
I can't tell you what will happen to regional markets in Australia over the next few decades, but it appears doubtful that the desirable suburbs in capital city markets will ever become significantly cheaper given the massive population growth being experienced.
Pete Wargent holds a range of finance and property qualifications and is the author of <a target="_blank" rel="nofollow" href="https://petewargent.blogspot.com.au/">Get a Financial Grip – a simple plan for financial fr</a><a target="_blank" rel="nofollow" href="https://petewargent.blogspot.com.au/">eedom.</a>
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pwargent-M4siyDbqQY

Metropolitan vs country house investment risks: Pete Wargent

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Developer Harry Stamoulis wants to build a 404-metre office tower at 555 Collins Street in Melbourne.
If approved and built would be the tallest building in Australia – 16 metres taller than <a target="_blank" href="https://www.propertyobserver.com.au/victoria/tallest-building-in-southern-hemisphere-approved-for-melbourne/2013031759915">Australia 108</a> which was approved in March.
The 82-storey office tower (pictured below) still needs planning approval from state minister Matthew Guy, but he has already relaxed planning controls to allow the Stamoulis Property Group to apply.
Next week Melbourne City Council will debate a motion that notes with concern the recent decision of the Minister for Planning to remove the overshadowing protection afforded to the Yarra River since 1982.
<img height="264" width="470" src="/images/stories/2013/04/555collinsapril29flicker.jpg" alt="555collinsapril29flicker">
Stamoulis bought the site from the state government in 2002 for $40.7 million, Fairfax Media reported at the time.
The building, Enterprise House, is a 23-storey office tower, leased primarily to NAB. The bank holds the 23,700 square metre lease until the end of 2013. It renewed its lease in 2010.
<img height="260" width="470" src="/images/stories/2013/04/555collinsapril29one.jpg" alt="555collinsapril29one">
At the time Stamoulis said it planned to refurbish the building into “A-grade accommodation” in 2014.
Melbourne’s Lord Mayor, Robert Doyle, has slammed the proposal saying it will cast a shadow over the Yarra’s Southbank.
"I don't have a problem with tall buildings, but can't allow them here there and everywhere," Doyle told 3AW.
"We don't want Surfer's Paradise on the Yarra.”
The site used to be home to the Federal Hotel and Coffee Palace, built in 1880. It was one of the largest and ornate city buildings at the time. It was demolished in 1973 to make way for speculative office development.
The current tallest building in Australia is the Q1 tower in the Gold Coast at 323-metres.
The Stamoulis family have an estimated fortune of $459 million, primarily from the proceeds of the 2004 sale of its Gold Medal soft drink empire. Their property holdings now include Melbourne CBD office buildings, factories, a golf club in Victoria's Yarra Valley, an apartment block in Athens and an island in the Ionian sea.
Images courtesy of <a target="_blank" href="https://www.skyscrapercity.com/">https://www.skyscrapercity.com</a>.
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awalsh-7Ub9EypybQ

Proposed 404-metre tower for Melbourne at 555 Collins Street

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Following the decision among other east coast states, the Victorian first-home owner grant will increase from $7000 to $10,000 for newly constructed homes.
It takes effect from July 1, which will lead to a probable pause in the purchase of new houses and apartment over the next two months.
But there will be a rush - possibly even an unhealthy frenzy - from those first timers desirous of buying established homes as they will no longer receive the existing $7000 first home grant from July.
But all first-home buyers will benefit from fast-tracked stamp duty savings, which will increase from 30% to 40% on homes valued up to $600,000, six months ahead of schedule. It is part of the Liberal government's pre-election pledged to reduce stamp duty by 50% over four years with the final 10% reduction scheduled for September 2014.
The combination of a $10,000 First Home Owner Grant and stamp-duty cut means a $16,500 saving on a $400,000 new property.
"The average price of a newly constructed first home is about $400,000," Victorian Treasurer Michael O'Brien said yesterday.
Michael O'Brien forecast the decision would help create more jobs in the housing sector. The Victorian budget on May 7 will be the first under the new Premier Denis Napthine.
"Targeting the grant to newly constructed homes - whether in regional Victoria, Melbourne's growth corridors or new CBD apartments - will stimulate the economy and create jobs in the construction sector," Mr O'Brien said.
But Melbourne buyers agent Frank Valentic says it was "bad news" given the 80% of first home buyers who buy established property will no longer get $7000 grant from July 2013.
Mr O'Brien said ending the first home grant for established houses brought Victoria into line with other states.
The Herald Sun reported the Master Builders Association of Victoria executive director Brian Welch saying increasing the grants would encourage people to consider building sooner.
"The industry's been in decline for the last couple of years, so this will give us a welcome boost," he said.
But the Real Estate Institute of Victoria's chief executive Enzo Raimondo says the changes mean those purchasing existing homes will be subsidising a discount for those buying newly constructed homes.
"History has shown first home buyers generally buy established [homes]," Mr Raimondo told the ABC.
"They generally want to buy close to where they work, and in Melbourne that's inner and middle suburbs, so this is going to make it a bit more difficult for first-home buyers of established properties in Melbourne."
The Victorian decision follows NSW where first home buyers have gone awol, leaving the O'Farrell Government with a budget savings windfall given the dramatically reduced take-up of new home acquistion by first time buyers.
Victorian first home buyers have been relatively steady over the past year with established home purchasers. Last month there were 1714 Victorian recipients securing $11.99 million in grants for established homes. There were 1652 in March last year.
For new home acquisitions there were 856 recipients in Victoria securing $5.99 in grants last March compared with 814 securing $5.69 million in grants in March 2013. 
The NSW $7 000 first home owner grant for established properties ended on 30 September 2012. The scheme established to assist first home owners instead to purchase or build a new home offers a $15 000 grant from 1 October 2012.
The FHOG (New Homes) grant will reduce to $10,000 on 1 January 2014.
But alarmingly NSW first home grants recipients have fallen from 2631 securing $18.77 million in March 2012, to this March when there was a record low 624 recipients securing $6.77 million.
Queensland closed its $7000 basic grant scheme last October, replacing it with a $15,000 grant for new homes. With just 217 grants recorded in the December quarter, the government website argues it will take several months before the impact of the Great Start Grant (previously known as the first home owner construction grant) can be clearly assessed, allowing for the lag between signing a contract and construction to build a home.
There had been a typical 4500 recipients in prior December quarters.
Latest State Government figures show that in the six months to March 28, there were just 805 first-home owners who received a $15,000 helping hand.
Launched in October 2012 as the First Home Owners Construction Grant, the funds are now only available to build or buy a new house, townhouse or apartment valued at less than $750,000.
It replaced the decade-old First Home Owners Grant, which had been available for the purchase of new or existing properties in Queensland.
The Brisbane Courier Mail recently reported the Real Estate Institute of Queensland CEO Anton Kardash said the Government had pulled the wrong lever as he had predicted.
"They persisted, and unfortunately the data is coming back as we predicted - and that is people are not transitioning to buying new homes with these grants.''
The REIQ suggested new homes are usually too expensive for first-time buyers and are often in outlying suburbs where young people do not necessarily want to live.
 
 
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jchancellor-FAypfDUnLy

Victorian first home buyers grant jumps from $7000 to $10,000 but only for new houses and apartments

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The sale of three adjoining terraces on the exclusive St Vincent Place in Albert Park has yielded $12,278,000 over the past three weekends, a 21.5% jump on their sale in-one-line five years ago.
The most recent sale was $4,008,000 yesterday.
The highest priced three-bedroom terrace fetched $4.3 million on April 13 comprising a 492-square-metre block and with no bathroom, is a renovator's opportunity.
{yoogallery src=[images/stories/2013/04/april16stvincent]}
Another had fetched $3.97 million.
The three recent sales should not be interpreted as prices haveing risen by 21% as there would have been a limited number of buyers when offered in one line, so the prices are not necessarily comparable.
The offerings was originally part of a three-terrace property owned by the Loreto Sisters, who bought them in 1969.
They sold them in 2008 when acquired by Fiona Olney-Fraser, wife of corporate raider Darren Olney-Fraser, for $10.1 million, who then split the property up into three empty shells.
The sister's departure in mid-2008 marked an end to over 100 years of involvement in the South Melbourne/Albert Park parish by the Catholic religious order.
Having arrived in Australia in 1875, the Loreto Sisters’ work began in 1888 in a small school in a rented house in Merton Crescent called Mononia. 
By the end of 1889 the sisters were looking for another site and land was purchased in Albert Road. While the three storey convent and school was being built, the Sisters lived at 51 Cantebury Road, Albert Park.
The Albert Road Convent and school opened in late 1890 and in 1906 the Central Catholic Training College was opened on the same site.  Both continued until 1924 when most of the students and Sisters moved to establish Loreto Mandeville Hall Toorak. 
The triple fronted property, Loreto House, at 73 -77 St Vincent Place, was bought by the Loreto Sisters in 1969 having previously been a Christian Brothers Boys' Hostel which closed in 1967. The houses were redesigned to make them appropriate as province office, residence and novitiate accommodation.
A recent Catholic Religious Australia survey revealed the total number of nuns of all orders in dramatic decrease  since the mid-1970s, and almost 70%since their peak in the mid-60s.
There were 4765 nuns in Australia last year compared with 12,619 in 1976 and a peak of 14,622 in 1966. In 1901, there were 3622.
Westpac took control of the Olney-Fraser properties in 2010.
The bank made $2,178,000 more than the last combined purchase price.
Buyers agent Mal James said the most recent sale of 77 St Vincent Place, Albert Park was considered to be the weakest of the properties in terms of its orientation and its condition, but it sold under the hammer - again with five bidders - for $4,008,000, surprising many experts. 
<a target="_blank" href="https://www.cayzer.com.au/index.cfm?pn=1&amp;start=1&amp;propertytype=residential&amp;firstsearch=true&amp;contentid=0&amp;listings_maximumpropertyimages=1&amp;contenttypeid=0&amp;usersortid=5&amp;pagecall=listings&amp;justlisteddays=7&amp;propertyaction=sale&amp;suburb_id=136701&amp;formtype=residential">Listing agent Michael Szulc of Cayzer Real Estate Albert Park</a> told Property Observer there were mutiple bidders at all of the auctions along with an audience of around 200.
Szulc says the sales provided an opportunity for those wanting to turn the property into their dream home.
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/75_st_vincent_place_albert_park_vic_3206/9183480">75 St Vincent Place, Albert Park, VIC, 3206</a>, three-bedroom house, sold at auction on April 13 by Cayzer Real Estate Albert Park for $4.3 million.
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/73_st_vincent_place_albert_park_vic_3206/9183476">73 St Vincent Place, Albert Park, VIC, 3206</a>, three-bedroom house, sold at auction on April 20 by Cayzer Real Estate Albert Park for $3.97 million
The last terrace <a target="_blank" href="https://www.cayzer.com.au/index.cfm?pagecall=property&amp;propertyid=2299862&amp;menuItemID=">77 St Vincent Place</a> was auctioned Saturday April 27 selling at $4,008,000 through Cayzer Real Estate Albert Park which sold after 39 bids.
Mal James of James Buyer Advocates has previously ranked St Vincents Place as equal second as Melbourne's highest land value street at approximately $6,000 per square metre - not far behind Brighton's absolute waterfront streets of $9,000 per square metre.
James says the successful buyers will face a renovation bill of between $2 million to $3 million depending on their wishes.
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Unrenovated premium Albert Park terraces yield 21% higher than 2008, with three consecutive weekend offerings

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The New Zealand family company behind the Oyster Bay wine brand, Delegat's has purchased the assets of Barossa Valley Estate for $24.7 million.
<a target="_blank" href="https://www.propertyobserver.com.au/south-australia/woolies-pursues-in-house-wine-production-prospects-in-the-barossa-valley/2013022759617">Woolworths along with Chinese investors</a> were pinpointed as possible buyers when the BVE, South Australia holding was listed after its receivership earlier this year.
Its assets include a modern 5000 tonne winery and a 41 hectare vineyard along with assigned grape grower contracts.
The company see BVE as a complementary fit to its established cool climate Oyster Bay business enabling Delegat's access to the Barossa Valley Shiraz market.
It sold through Sam Davies, partner of BVE receiver McGrathNicol with settlement expected in June.
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Kiwi Delegat's Group buys Barossa Valley Estate vineyard for $24.7 million

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The Westfield Group has announced that Stephen Johns and Professor Fred Hilmer AO have indicated that they will not seek re-election at the upcoming annual general meeting to be held May 29. The combined time spent at Westfield by the two totals 65 years.
The chairman, Frank Lowy AC, paid tribute to the outstanding service provided by both directors to the group.
“Both Stephen and Fred have been key figures on the Westfield Board for more than 20 years. They have served the group through a phase of continued growth and have been instrumental in the success of the group over a long period. Their experience, wisdom and collegiate approach will be greatly missed.
I look forward to acknowledging the contributions made by both Stephen and Fred at the May AGM.”
Stephen Johns joined the group in 1970. For more than 30 years, he served the Group with great distinction in various executive capacities culminating in his appointment in 1985 as group finance director, a position he held until 2002. Mr Johns continued to serve the group as a non-executive Director following his retirement as an executive and has made a significant contribution to the Board and its Committees, serving as chair of the risk management committee and as a member of the audit committee.
Fred Hilmer joined the group as a non-executive director in 1991 and since that time has served as deputy chairman, lead independent director and ahairman of the audit and remuneration committees.
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